Turkey is the world's second fastest growing country in the second half

Turkey’s gross domestic product grew 8.8 percent in the year’s second quarter, compared to the same period last year, according to data published by Turkey’s statistics agency, TurkStat. Meanwhile, the current account deficit recovered to $5.3 billion in July, from $7 billion a month earlier, data published Monday by Turkey’s Central Bank showed. The country’s GDP growth performed above the market consensus of 6.8 percent, reaching a level of 318.4 billion Turkish Liras in the first quarter, with seasonally adjusted GDP increasing by 1.3 percent compared to the first quarter of 2011, data showed. Turkey was the world’s second fastest growing country in the second half, following China and the 9.5 percent growth of its gross domestic product. On the other hand, Turkey was Europe’s fastest growing economy for the same period. TurkStat data showed Turkey’s economy has grown by 10.2 percent in the first half of 2011. “Turkey’s economic growth is not inestimatable, uncontrolled. The main source of growth is the private sector. We tell people to spend as much as they earn,” Industry Minister Nihat Ergun said. Turkey’s economic growth is an indicator of the country’s dynamism, Economy Minister Zafer Caglayan said, according to a written statement published by the ministry on Monday.